Cashout
Cashout Methods
Detailed guide to bank account and mobile wallet withdrawal methods available in Zambia and Malawi
Devdraft supports cashout to Zambia (bank accounts and mobile money) and Malawi (mobile money with banking coming soon). Convert your USDC or EURC to local currency and withdraw to your accounts.
Available Methods by Region
Bank Transfer Withdrawals:Supported Through Lenco ZM Integration:
- All major Zambian commercial banks
- Secure bank-to-bank transfer system
- Direct ZMW deposits to your account
- Enhanced security and compliance
- MTN Mobile Money - Most widely used
- Airtel Money - Comprehensive coverage
- Zamtel Kwacha - Additional option
Processing Details
Bank Accounts (Zambia Only)
Processing Details:
- Time: 1-3 business days
- Fees: Local currency equivalent processing fee
- Availability: Banking hours
Mobile Money (Both Countries)
Processing Details:
- Time: 1-24 hours
- Fees: Local currency equivalent processing fee
- Availability: 24/7
Setting Up Bank Accounts
1
Navigate to Bank Accounts
Go to Cash Out → [Your Region] → Bank Accounts tab
2
Add New Bank Account
Click Add Bank Account button to open the setup modal
3
Select Your Bank
Choose your bank from the dropdown list of supported Zambian banks
4
Enter Account Details
Required Information:
- Bank selection from supported list
- Account number (entered twice for verification)
- Account holder name (must match your Devdraft profile)
- Account email address (optional)
Account holder name must exactly match the name on your verified Devdraft account.
5
Verify and Save
Review all details carefully and save your bank account for future use
Setting Up Mobile Wallets
1
Navigate to Mobile Wallets
Go to Cash Out → [Your Region] → Mobile Wallets tab
2
Add New Mobile Wallet
Click Add Mobile Wallet button to open the setup modal
3
Select Your Provider
Choose from available mobile money providers based on your region:Zambia:
- MTN Mobile Money
- Airtel Money
- Zamtel Kwacha
- Airtel Money
- TNM Mpamba
4
Enter Wallet Details
Required Information:
- Mobile money provider selection
- Phone number (entered twice for verification)
- Account holder name (must match your profile)
- Account email address (optional)
Use the phone number registered with your mobile money account for fastest processing.
5
Verify and Save
Confirm all details and save your mobile wallet for future transactions
Making a Withdrawal
Starting a Cashout Transaction
Starting a Cashout Transaction
Withdrawal Process:
- Access Cashout Modal
- Navigate to your cashout region
- Click Cash Out button
- Modal opens with conversion and withdrawal options
- Select Source Currency
- Choose between USDC or EURC from your balances
- View available balance for selected currency
- Currency selection affects conversion rates
- Enter Amount
- Specify amount to withdraw in USD/EUR
- See real-time conversion to ZMW
- Check current exchange rates and fees
Currency Conversion
Currency Conversion
Exchange Rate Information:Supported Conversions:
- USDC to ZMW (Zambian Kwacha)
- EURC to ZMW (Zambian Kwacha)
- USDC to MWK (Malawian Kwacha)
- EURC to MWK (Malawian Kwacha)
- Rates updated every 30 seconds
- Transparent fee structure displayed
- Market-competitive pricing
- Clear conversion breakdown
- Select source currency (USDC or EURC)
- Choose destination region and currency
- Enter withdrawal amount
- Review exchange rate and fees
- Confirm conversion to local currency
- Converted funds sent to chosen withdrawal method
Exchange rates include a small spread (1-2%) to cover market volatility and processing costs.
Selecting Withdrawal Method
Selecting Withdrawal Method
Choose Destination:Bank Account Option:
- Select from your saved bank accounts
- Review account details before confirming
- Higher limits but longer processing time
- Best for larger amounts
- Choose from your saved mobile wallets
- Confirm phone number and provider
- Faster processing but lower limits
- Ideal for quick access to funds
Transaction Confirmation
Transaction Confirmation
Final Review:Confirmation Details:
- Source amount and currency
- Converted ZMW amount
- Exchange rate applied
- Transaction fees
- Destination account/wallet
- Estimated processing time
- Email confirmation required
- SMS verification for large amounts
- Transaction cannot be reversed once confirmed
Always verify all transaction details before confirming. Transactions cannot be cancelled or reversed once processed.
Processing Fees
Available Methods:
- Bank Transfers: Available through Lenco ZM integration
- Mobile Money: MTN, Airtel, Zamtel supported
- Currency Conversion: Real-time USDC/EURC to ZMW rates
- Processing Fees: Vary by method and amount
Monitoring Your Transactions
Transaction History
Track Your Withdrawals:
- Real-time status updates
- Complete transaction records
- Filter by date and method
- Export for accounting
Status Notifications
Stay Informed:
- Email confirmations
- SMS status updates
- Dashboard notifications
- Processing alerts
Troubleshooting Common Issues
Bank Account Issues (Zambia Only)
Bank Account Issues (Zambia Only)
Common Problems:Account Not Found:
- Verify account number is correct
- Ensure bank is supported through Lenco ZM
- Check account holder name matches profile
- Contact your bank to confirm account status
- Bank transfers take 1-3 business days
- Check for banking holidays
- Verify sufficient funds were converted
- Contact support if delayed beyond expected time
Mobile Wallet Issues (Both Countries)
Mobile Wallet Issues (Both Countries)
Zambia Mobile Money:MTN Mobile Money:
- Ensure number is registered with MTN
- Check MTN Mobile Money account status
- Verify account limits with MTN
- Confirm number is active with Airtel
- Check Airtel Money account balance limits
- Verify KYC status with Airtel
- Ensure registration with Zamtel
- Check account status and limits
- Verify number is registered with Airtel Malawi
- Check account status and limits
- Ensure KYC compliance with Airtel
- Confirm registration with TNM
- Check Mpamba account status
- Verify transaction limits
- Check country code format (+260 for Zambia, +265 for Malawi)
- Verify account is active and in good standing
- Confirm name matches across all accounts
- Contact provider if funds don’t arrive within 24 hours
Conversion Issues
Conversion Issues
Currency-Specific Problems:ZMW Conversions (Zambia):
- Monitor USD/EUR to ZMW rates
- Consider local market conditions
- Check for Zambian banking holidays
- Track USD/EUR to MWK rates
- Account for local market volatility
- Consider Malawian banking calendar
- Rates update every 30 seconds
- Large market movements may affect rates
- Consider timing for better rates
- Rates locked in at transaction confirmation
Security Best Practices
1
Verify Account Information
Accuracy Check:
- Double-check all bank account details
- Verify mobile wallet phone numbers
- Ensure names match exactly across accounts
- Test with small amounts first
2
Monitor Transactions
Stay Vigilant:
- Review all transaction confirmations
- Check account balances regularly
- Set up transaction notifications
- Report any suspicious activity immediately
3
Secure Your Accounts
Account Protection:
- Enable two-factor authentication
- Use strong, unique passwords
- Keep mobile money accounts secure
- Never share account credentials
4
Record Keeping
Documentation:
- Save all transaction receipts
- Maintain records for tax purposes
- Keep exchange rate documentation
- Track withdrawal patterns for limits
All cashout methods require completed KYC verification. Processing times may vary during peak periods or due to local banking system maintenance.